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Description: On December 15, 2000, Congress reached an agreement with the President and passed the remaining appropriations (H.R. 4577; H.Rept. 106-1033) for fiscal year (FY) 2001. The legislation, including tax cuts ($31.5 billion over 10 years), completes budget action in the 106th Congress for FY2001. The action followed extended disagreements over appropriations, which resulted in a series of continuing resolutions on appropriations that funded those parts of the government not covered by regular appropriations or permanent funding during the fall. The fiscal year had begun with only 2 of the 13 regular appropriations enacted into law.

Description: The Congressional Budget Office (CBO) released the first of its annual budget reports in late January. The baseline estimates from CBO run through FY2013. CBO’s baseline estimates are similar in construction to those produced by the Office of Management and Budget (OMB) for the President. CBO’s January baseline has a $145 billion deficit in FY2004 (down from $199 billion in FY2003), that becomes a small surplus of $65 billion in FY2008. The report also included an update to CBO’s January baseline that pushed the deficit for FY2004 to $200 billion from $145 billion. The revisions move the return to a surplus from FY2007 to FY2008 and reduce the cumulative FY2004- FY2013 surplus from $1,336 billion (January) to $891 billion (March). CBO’s estimates of the President’s budget, a recasting of the policies using CBO assumptions and budget estimating methods, raise the expected deficit for FY2004 to $338 billion from the OMB estimated $307 billion.

Description: In March, CBO released its report analyzing the President’s policies. CBO’s estimates of the President’s budget, a recasting of the policies using CBO assumptions and budget estimating methods, raise the expected deficit for FY2004 to $338 billion from the OMB estimated $307 billion. The report also included an update to CBO’s January baseline that pushed the deficit for FY2004 to $200 billion from $145 billion. The revisions delay the return-to-a-surplus from FY2007 to FY2008 and reduce the cumulative FY2004-FY2013 surplus from $1,336 billion (January) to $891 billion (March).

Description: In March, CBO released its report analyzing the President’s policies. CBO’s estimates of the President’s budget, a recasting of the policies using CBO assumptions and budget estimating methods, raise the expected deficit for FY2004 to $338 billion from the OMB estimated $307 billion. The report also included an update to CBO’s January baseline that pushed the deficit for FY2004 to $200 billion from $145 billion. The revisions delay the return-to-a-surplus from FY2007 to FY2008 and reduce the cumulative FY2004-FY2013 surplus from $1,336 billion (January) to $891 billion (March).

Description: In March, CBO released its report analyzing the President’s policies. CBO’s estimates of the President’s budget, a recasting of the policies using CBO assumptions and budget estimating methods, raise the expected deficit for FY2004 to $338 billion from the OMB estimated $307 billion. The report also included an update to CBO’s January baseline that pushed the deficit for FY2004 to $200 billion from $145 billion. The revisions delay the return-to-a-surplus from FY2007 to FY2008 and reduce the cumulative FY2004-FY2013 surplus from $1,336 billion (January) to $891 billion (March).

Description: In March, CBO released its report analyzing the President’s policies. CBO’s estimates of the President’s budget, a recasting of the policies using CBO assumptions and budget estimating methods, raise the expected deficit for FY2004 to $338 billion from the OMB estimated $307 billion. The report also included an update to CBO’s January baseline that pushed the deficit for FY2004 to $200 billion from $145 billion. The revisions delay the return-to-a-surplus from FY2007 to FY2008 and reduce the cumulative FY2004-FY2013 surplus from $1,336 billion (January) to $891 billion (March).

Description: In March, CBO released its report analyzing the President’s policies. CBO’s estimates of the President’s budget, a recasting of the policies using CBO assumptions and budget estimating methods, raise the expected deficit for FY2004 to $338 billion from the OMB estimated $307 billion. The report also included an update to CBO’s January baseline that pushed the deficit for FY2004 to $200 billion from $145 billion. The revisions delay the return-to-a-surplus from FY2007 to FY2008 and reduce the cumulative FY2004-FY2013 surplus from $1,336 billion (January) to $891 billion (March).

Description: On February 26, 2009, the Administration released the broad outlines of its federal budget request for FY2010, listing for each Cabinet department and for several independent agencies the total discretionary budget authority President Obama would request, but providing no additional details. Full details of the request were made public May 7, 2009. This report summarizes the budget request in an abbreviated yet detailed format.

Description: Congress cleared the conference report (H.Rept. 108-71, H.Con.Res. 95) on the FY2004 budget resolution on April 11, containing reconciliation instructions for a tax cut. On May 23, Congress adopted the conference report (H.Rept. 108-126) on H.R. 2, the bill containing an 11-year; $350 billion tax cut that followed the reconciliation instructions. It became law (P.L.108-27) on May 28.

Description: The Congressional Budget Office’s (CBO) January 2004 budget report for FY2005 (the Budget and Economic Outlook: Fiscal Years 2005-2014) estimated the FY2005 baseline deficit at $362 billion. CBO’s report provided estimates of the costs of selected alternative policies (measured from the baseline), such as estimates of the cost of extending the tax cuts, reforming the AMT, and discretionary spending growing at various rates.

Description: The Congressional Budget Office’s (CBO) January 2004 budget report for FY2005 (the Budget and Economic Outlook: Fiscal Years 2005-2014) estimated the FY2005 baseline deficit at $362 billion, not much different from that proposed by the Administration. Selected alternative policies included in the CBO report, estimates for the cost of extending the tax cuts, reforming the AMT, and letting discretionary spending grow at the rate of gross domestic product (GDP) growth, would increase the deficit, particularly in the years beyond FY2009.

Description: The budget report of the Congressional Budget Office (CBO), The Budget and Economic Outlook: Fiscal Years 2006-2015 (January 25, 2005), included baseline estimates (assuming current policies) for FY2005 through FY2015. Under the baseline assumptions, CBO estimated a FY2006 deficit of $295 billion (2.3% of gross domestic product [GDP]). This is smaller than CBO’s FY2005 baseline deficit estimate ($368 billion, 3.0% of GDP). CBO’s baseline estimates do not include assumptions about possible future legislation that may increase or decrease spending or receipts and therefore change the deficit. The baseline assumptions assume the continuation of current law, including that laws changing the level of future revenues or outlays will go into effect as scheduled. Hurricane Katrina’s devastation of the central Gulf Coast and additional damage done by Hurricane Rita has changed the budget outlook for fiscal year (FY) 2006.